Global shares slid on Thursday, after Facebook owner Meta Platforms and Microsoft both warned of accelerating costs for artificial intelligence, while evidence of strong U.S. economic growth kept the dollar underpinned.
Investors were also treading warily ahead of U.S. non-farm payrolls data on Friday, the presidential election next Tuesday and a Federal Reserve policy decision on Thursday. “We’ve seen it time and time again. We have these set-backs that have proved to be buying opportunities. The question now is are we at such a level in the market where investors aren’t going to be rushing to buy up the stock and much more likely to stand aside and sit on their hands,” Trade Nation market strategist David Morrison said.
In Europe, the STOXX 600 fell in early trading, in a heavy day for earnings, as a drop in shares of French lender BNP Paribas after results and in tech stocks like ASML and SAP offset a bounce in energy and the wider banking sector. The dollar index was steady at 104.10 following its pullback from the highest since Aug. 2 at 104.63 reached on Tuesday. The U.S. currency fell by the most against the yen, down 0.7% to 152.36, although that was still not far from this week’s high of 153.885.
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